The week was dominated by earnings reports, most of them quite positive. Fed’s interest rate decision announced midweek ended with no policy action and only minor changes in the post-meeting statement. Short-term rates have been near zero for more than seven years now.
Category Archives: Weekly overview
The week has been pretty strong week for the technology shares in the U.S. The prices of the securities in the sector were in a mad race for scoring best, since the index USTECH100 rose to 5.46 %, closing the Friday market at 4660 points.
Another hot week for Greece and the Eurozone ended with some optimism for the markets. European stock benchmarks exhibited a steady rise amid expectations for a positive outcome of the crisis.
At the end of the week, the EUGERMANY30 index had added 2.60% to its value reaching 11,397 points, while EURFRANCE40 registered a 2.68% rise, closing at 4,944 points.
Over 60% of the Greeks voted ‘NO’ in yesterday’s referendum. This is what preliminary data by the country’s Electoral Commission is indicating, based on over 80% of the votes counted. This definitely came as a surprise to the markets, which had expected a much more contested vote.
The leitmotif of the past week was crisis in Greece and whether the country, part of the Eurozone, will be able to reach an agreement with its European creditors and the International Monetary Fund.
The week started optimistically, on indications of an upcoming agreement between the parties. All leading European stock benchmarks were on the rise, with the EUGERMANY30 and EUFRANCE40 appreciating by 4.42% and 5.36%, respectively.
The Greek Prime Minister Alexis Tsipras has made a new proposal to German Chancellor Angela Merkel, French President Francois Hollande, and EU Commission President Jean-Claude Juncker, in the hope of reaching an agreement between his country and its foreign lenders.
A definitive decision on Greece’s future is expected from an emergency summit of Eurozone leaders later today.
The US dollar suffered a poor week, depreciating against most major currencies. Wavering data coming from the US economy intensified speculations about a Fed rate hike in September, rather than in June – as was the talk until recently.
According to Greece’s Minister of Interior Nikos Voutsis, the country won’t be able to pay its upcoming payment to the International Monetary Fund next month. In his statement on Sunday,Voutsis underlined that without a deal with its creditors, Greece is likely to become insolvent.